If you’ve been keeping an eye on tech news over the past year, the news that Kodak (one of the granddaddies of the industry) was filing for bankruptcy was devastating. However, with the company’s main source of income (film) being used less all the time for photography and film making, it was hardly a surprise. What is a surprise is that with the news of Kodak needing to get rid of its huge portfolio of patents, two of the most unlikely companies have found a common interest.
Apple and Google are teaming up to put in a joint bid to acquire $500M worth of the photography giant’s portfolio. The report comes via Bloomberg that:
Apple Inc. (AAPL) and Google Inc. (GOOG) have joined forces to offer more than $500 million to buy Eastman Kodak Co. (EKDKQ)’s patents out of bankruptcy, said two people with knowledge of the situation. The two companies, competing for dominance of the smartphone market, have partnered after leading two separate consortia this summer to buy Kodak’s 1,100 imaging patents, said the people, who asked not to be identified because the process is private.
With the joint buying power represented by the two companies dominating modern electronics, it’s unlikely that anyone will be able to pose any serious competition.